Suspicious Activity Reporting (SAR) under the Bank Secrecy Act and Anti-Money Laundering: What You Need to Know About the Safe Harbor and Limitations to Immunity

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Suspicious Activity Reporting (SAR) under the Bank Secrecy Act and Anti-Money Laundering: What You Need to Know About the Safe Harbor and Limitations to Immunity

In October 2012, six financial lobbying groups filed a petition of certiorari asking the United States Supreme Court to resolve conflicting lower court decisions regarding whether banks and other financial institutions are immune from lawsuits for the SARs they file. The Supreme See more +

Suspicious Activity Reporting (SAR) under the Bank Secrecy Act and Anti-Money Laundering: What You Need to Know About the Safe Harbor and Limitations to Immunity

In October 2012, six financial lobbying groups filed a petition of certiorari asking the United States Supreme Court to resolve conflicting lower court decisions regarding whether banks and other financial institutions are immune from lawsuits for the SARs they file. The Supreme Court has decided not to hear the case and questions remain regarding the Bank Secrecy Act's safe harbor provision and immunity from civil litigation linked to SAR filings for financial service companies.

Pepper Hamilton partners Frank A. Mayer, III and Richard J. Zack held an informative one-hour webinar about these issues and how to reduce the possibility for legal liability you may face.

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Published In: Antitrust & Trade Regulation Updates, Business Organization Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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